The entry of hard seltzers into the alcoholic beverages market has been an industry disrupter. The industry was worth 4.4 billion dollars in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 16.2% from 2020 to 2027, according to Grand View Research. Since the advent of the industry-dominant White Claw®, many additional players have entered the market, and innovation in this competitive space is crucial for companies to stand out and make their mark. If your company invests in research and development (R&D) in the hard seltzer industry, some of your costs can be offset by claiming the R&D Tax Credit.
Employee wages, raw materials and supplies, and third-party contractor costs associated with research and development activities are considered qualified research expenses (QREs). Companies can receive refunds of up to 22% of total QREs through federal and state tax credits, depending on the state in which your company or firm operates.
Example activities that qualify:
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Use our R&D Tax Calculator to estimate your potential benefit, and partner with Strike to claim your tax benefits with no up-front costs. Contact one of our experts today.
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Benefits for the R&D Tax Credit vary from state to state. Get an accurate estimate of your potential state tax credit!